UAE Sheikh Mohammed Announces $4 Bln Support Package For Egypt

By Scoop Team On Mar 14, 2015

All eyes are on the Egypt Economic Development Conference being held in Sharm El Sheikh this week. In the first day alone, plans for a new, smart Capital City just east of Cairo were announced and billions in pledges made in support packages.

Oman promised $500 million, while the KSA, Kuwait and the UAE each guaranteed $4 billion for Egypt’s economic development. According to Investment Minister Ashraf Salman, Egypt hopes to secure some $15-20 billion worth of pledges at the three-day summit.

Here’s what the UAE’s HH Sheikh Mohammed bin Rashid Al Maktoub posted on his official Facebook page:

I headed Emirates delegation to Egypt economic Development Conference. We announced new support package of $4 billion to boost Egyptian economy..

The Emirati aid to Egypt over past 2 years reached $14 billion for projects in education, housing, transport, health, food security, energy..

What we give to Egypt today is an investment in regional stability tomorrow.

WE SAID THIS: What are your thoughts on the conference? Tell us in the comments below.